Startup Loan charge processing fee which ranges 0.50% to 3.00% on loan amount.
Startup Loan @8.50% onwards
• Get maximum loan amount
• No collateral required as it offer collateral free facility
• Doorstep assistance to collect document
• No collateral required as it offer collateral free facility
• Doorstep assistance to collect document
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Eligibility Criteria
What you mean by Startup business loans Eligibility Criteria?
Startup India loan are specially designed to encourage entrepreneurs for boosting their business, wherein loan for startup help to achieve it by removing the gap of cash flow like purchasing hi-tech equipment, renovating infrastructure, working capital of business..etc. There will be few mandatory criteria you require to meet them.
Startup business loans Eligibility Criteria
Eligibility Criteria depends on several factors like repayment history, business sales/turnover& Creditworthiness …etc.
Eligibility Criteria
- • · Applicant age should be in-between 25 – 65 years of age
- • · Minimum 3 years of business continuity
- • · Must filed ITR for minimum one year
- • · Credit score must be above 750
- • · Resident of Indian
Note: – You can get up to 50 Lakh as a maximum loan amount.
What are the factors generally affecting Startup business loans Eligibility Criteria?
There are top factors that generally affects startup India loan eligibility criteria as given below: –
Lack of Business plan- For availing startup loan, lender want to know about your business plan to evaluate the goal achievement level. If you didn’t have a business plan to forecast on what & how much you spend with point out the revenue generating system will led to lower your eligibility.
Negative Cash Flow- A Financial management of business reflect the cash flow, if a company spend much money over a specified period will affect the cash flow after the expenses cost take place & reduces the chances of getting loan.
What are the ways to increase Startup business loans eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Avoid applying from several lenders: – You might have a good credit score but even though it can be affected by applying from several lenders, as each time when you apply respectively each time lender raise credit score to check range through credit bureau which badly hit your credit score, therefore by avoding applying from several lender will save you from lowering your credit score & enhance
>Cut-down unnecessary expenses: – There are various ways to cut down unnecessary business expenses like outsourcing HR dept,Hire Intern, prefer to provide remote work, pay bill on time to avoid penalty, spend on digital marketing as it will cost less than offline marketing & help you to save money which makes a good cash flow management as well as boost eligibility.
Documents Required
- PHOTOGRAPHS 2
- PAN CARD COPY
- AADHAR CARD + PASSPORT
- ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
- LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
- LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT
- LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
- COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
- PROCESSING FEE CHEQUE IN FAVOUR OF BANK
- LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
- PHOTOGRAPH BOTH
- PAN CARD CLEAR COPY PROPRIETOR
- ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
- OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
- LAST 1 YEAR GST RETURN COPY
- FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
- PROVISIONAL FINANCIAL AY 2019-20
- BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
- 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
- IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS WITH CHAIN SANCTION MAP
- PHOTOGRAPH PARTNERS
- PAN CARD – COMPANY, ALL PARTNERS
- ADDRESS PROOF – ALL PARTNERS (PASS PORT, VOTER IPAN CARD, ADHAAR)
- FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
- PARTNERSHIP DEED COPY
- GST CERTIFICATE
- GST RETURN LAST 1 YEARS
- 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
- PROVISIONAL FINANCIAL AY 2019-20
- 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
- FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
- ALL PARTNER SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH MAP
- ALL DIRECTORS PHOTOGRAPH
- CLEAR PAN CARD – COMPANY AND ALL DIRECTORS
- ADDRESS PROOF – COMPANY AND DIRECTORS
- LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
- MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
- GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
- 1 YEAR GST RETURNS
- ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
- LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
- PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
- COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
- ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
- IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
- AGREEMENT TO SELL COPY
- PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions
The current Interest Rate for Startup Loan India starts from 10.00% to 22.00% depending on applicant credit profile & earlier repayment history.
Under Startup Loan borrower can get up to 10 lakhs as a maximum loan amount.
There are several scheme developed for Startup Loan for business as given below-
- Credit Guarantee scheme
- Aspire- Scheme for promotion of Innovation, Entrepreneurship and Agro-Industry
- Mudra Loan scheme
- Coir Udyami Yojana
- MSME Loan in 59 minutes
- National Small Industries Corporation Subsidy
- Credit Link Capital Subsidy Scheme for Technology Upgradation
- Identity proof
- Address proof
- Bank statement
- Income proof
- Company documents
- Profit & loss statement of last 2 years
- Latest 1-year ITR filed
To get a Startup Business Loan, you need to ensure that you match eligibility criteria to avoid any kind of loan rejection. Once checked then apply to their preferred banks & get application form to fill with attaching all relevant documents then finally submit it. After reviewing your application banker will contact you for final discussion to proceed further for disbursement.
Startup Business Loan for women’s in India by Government has been implemented in recent times to encourage their participation towards self-employment & entrepreneurship.
Startup Loan India offers you the benefits of below given: –
- Startup Loan at competitive Interest Rates
- Simplified documents processing
- Doorstep assistance is available
- No need to pledge collateral/assets
- Flexible tenure facility
If you are planning to get finance to expand your business scale, make sure you meet basic criteria as your age limit should be in-between 23 – 65 years, your business continuity should be above 3 years & finally your credit score range should be above 700.
Startup Loan are specially designed for entrepreneurs to meet their financial needs in setting up new business or fuel their existing business through the help of funding provided by various Banks & NBFC’s.
Startup business loan for women’s in India are specially developed to encourage women participation towards self-employment & entrepreneurship.
